EXHIBIT 12
STEWART ENTERPRISES, INC.
AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<Table>
<Caption>
NINE MONTHS
ENDED YEARS ENDED OCTOBER 31,
JULY 31, -------------------------------------------------------------------------------
2003 2002 2001 2000 1999 1998
----------- ------------- -------------- ----------- ----------- -----------
Earnings (loss) from operations
before income taxes ............. $ 27,103(2) $ 49,321(3) $ (187,181)(4)(5) $ 105,187 $ 142,551(6) $ 64,964(7)
Fixed charges:
Interest charges (1) ........... 40,634 62,655 64,235 62,748 55,543 44,107
Interest portion of
lease expense ................. 1,344 2,258 2,882 3,379 2,859 2,814
----------- ----------- -------------- ----------- ----------- -----------
Total fixed charges ............... 41,978 64,913 67,117 66,127 58,402 46,921
Earnings (loss) from operations
before income taxes and
fixed charges, less
capitalized interest ............ $ 68,852(2) $ 113,918(3) $ (120,727)(4)(5) $ 169,960 $ 200,118(6) $ 111,599(7)
=========== =========== ============== =========== =========== ===========
Ratio of earnings to
fixed charges ................... 1.64(2) 1.75(3) --(4)(5) 2.57 3.43(6) 2.38(7)
=========== =========== ============== =========== =========== ===========
</Table>
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(1) Includes capitalized interest expense of $229 for the nine months ended
July 31, 2003 and $316, $663, $1,354, $835 and $286 for fiscal years
ended 2002, 2001, 2000, 1999 and 1998, respectively.
(2) Includes a charge of $11,289 for the loss on early extinguishment of
debt in connection with the redemption of the ROARS.
(3) Includes a noncash charge of $18,500 recorded in connection with the
writedown of assets held for sale.
(4) Excludes extraordinary item of $5,472 (net of a $3,648 income tax
benefit) and the cumulative effect of change in accounting principles
of $250,004 (net of a $166,669 income tax benefit).
(5) Includes a noncash charge of $269,158 recorded in connection with the
writedowns of assets held for sale and other charges. As a result of
this charge, the Company's earnings for fiscal year 2001 were
insufficient to cover its fixed charges, and an additional $187,844 in
pretax earnings would have been required to eliminate the coverage
deficiency.
(6) Excludes cumulative effect of change in accounting principle of $50,101
(net of $28,798 income tax benefit).
(7) Includes a nonrecurring, noncash charge of $76,762 recorded in
connection with the vesting of the Company's performance-based stock
options.
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During the periods presented, the Company had no preferred stock
outstanding. Therefore, the ratio of earnings to combined fixed charges and
preference dividends was the same as the ratio of earnings to fixed charges for
each of the periods presented.